Artificial intelligence is a much-debated subject in our industry.
The recent enhancements to the Praemium client portal are a great example of the potential artificial intelligence has to enable companies to work smarter, not harder.
Platform client portals are not generally known for being technology innovators. Most provide limited functionality, allowing consumers to see the assets on their own platform but not savings or investments.
But over the past couple of years, Praemium has been tracking consumer use of their closed accounts to identify the behaviour that proceeds a client moving away from the platform.
By applying this to an AI engine, it is able to provide predictive notifications to advisers using its platform when it sees activity that indicates a client is considering moving away.
If we can better understand these indicators, advisers can take action to ensure consumers are warned of poor decisions.
No adviser can track every client action, but by deploying tech that can, Praemium is adding significant value.
Tools like this show how tech can deliver better outcomes.
Ian McKenna is founder and director at FTRC